StubHub, the well-known online ticket resale marketplace, has announced its intention to go public on the New York Stock Exchange under the ticker symbol "STUB." The company filed its prospectus for an initial public offering (IPO) on April 18, 2024, revealing a net loss of $2.8 million in 2024, despite generating $1.77 billion in revenue. This contrasts with a substantial profit of $405 million on $1.37 billion in revenue reported for 2023.
Founded in 2000, StubHub has a long history in the ticketing industry. It was acquired by eBay in 2007 for $310 million but was reacquired by co-founder Eric Baker in 2020 for $4 billion through his new company, Viagogo. The prospectus indicates that over 40 million tickets were sold on the platform last year, with approximately one million active sellers.
StubHub had considered launching an IPO in the previous year but postponed its plans due to unfavorable market conditions. The ticketing landscape is competitive, with rivals such as SeatGeek and Vivid Seats also exploring public offerings. SeatGeek reportedly brought Citigroup and Wells Fargo on board for its IPO plans, while Vivid Seats went public through a special purpose acquisition company in 2021.
The IPO market has been relatively quiet since early 2022, largely due to rising interest rates and inflation, which have deterred investors from risky assets. However, recent developments indicate a potential thawing, with several companies, including CoreWeave and Klarna, filing their own IPO prospectuses. This shift may signal renewed investor interest in the tech sector, as evidenced by successful recent listings like ServiceTitan and Reddit.